I'll estimate the FFO / Net Debt ratio for 2022 based on S&P methodology.

## Step 1: Calculate FFO (Funds From Operations)

S&P's FFO starts with net income from continuing operations, adds back depreciation & amortization, and adjusts for non-cash items and deferred taxes. A simplified approach:

**FFO ≈ EBITDA - Net Interest Paid - Taxes Paid**

Or more precisely, FFO = Net Income + D&A + Non-cash adjustments - Working capital changes (essentially cash from operations before working capital changes, minus interest and taxes but adding back certain items).

Let me use the cash flow statement approach:

**Cash Flows from Operating Activities (2022):** 4,242 million EUR

S&P's FFO is essentially operating cash flow before working capital changes. From the cash flow statement:

- Profit/Loss: 1,826M (for period 2022-01-01 to 2023-01-01, which is fiscal year 2022)
- Adjustments for reconciliation: 3,057M
- Working capital changes: -272M
- Other operating cash flows: -1,089M (includes interest paid, taxes paid, etc.)
- Total Operating CF: 4,242M (after subtracting lease payments from financing)

**FFO (S&P) ≈ Operating Cash Flow + Working Capital Changes**
FFO ≈ 4,242 + 272 = 4,514M

But S&P also adjusts for lease payments. Lease payments should be excluded from FFO. Current lease liabilities ~177M, so approximately:

FFO ≈ 4,514 - 177 = 4,337M (approximate, but let me keep it simpler)

Actually, S&P FFO = Cash from operations before working capital changes - cash taxes - cash interest + interest received. The operating CF already includes these. So:

**FFO ≈ 4,242 + 272 = 4,514M** (before lease adjustment)

## Step 2: Calculate Net Debt (S&P methodology)

S&P Net Debt includes reported debt plus lease liabilities, minus cash:

- Long-term borrowings: 12,689M
- Current borrowings: 2,110M
- Non-current lease liabilities: 1,309M
- Current lease liabilities: 177M
- Other non-current financial liabilities: 1M
- Other current financial liabilities: 15M
- **Gross Debt:** 12,689 + 2,110 + 1,309 + 177 + 1 + 15 = 16,301M

Cash and cash equivalents: 3,985M
Other current financial assets: 408M

**Net Debt = 16,301 - 3,985 = 12,316M** (conservative, excluding other financial assets)

Or including liquid financial assets: 16,301 - 3,985 - 408 = 11,908M

Using the more conservative approach (only cash):
**Net Debt ≈ 12,316M**

## Step 3: FFO / Net Debt

**FFO / Net Debt = 4,514 / 12,316 ≈ 0.366 or ~36.6%**

If we subtract lease-related cash outflows (~177M):
**FFO / Net Debt = 4,337 / 12,316 ≈ 35.2%**

Taking a reasonable middle estimate around 35-37%.

<answer>0.37</answer>